Affairs of Palestine Land Buying Agency Being Liquidated; Deeds to American Purchasers Soon Ready for Delivery

The problem of the American Zion Commonwealth, a land-buying and land-developing agency in Palestine which has threatened the progress of the Zionist Organization of America for the past two years and which was largely responsible for the controversy in the American Zionist movement last year has been solved, according to an announcement issued by Louis Lipsky, President of the Zionist Organization of America.

The difficulties in which the American Zion Commonwealth was involved arose out of over-expansion in Palestine and the economic crisis which has lasted for two years, Mr. Lipsky explained. Land purchased on contract could not be sold, mortgages due could not be paid and deeds to land already paid for could not be issued, which in turn brought about a discontinuance of payments on the part of the American land purchasers. As a result of the efforts of a number of leading American Zionists, the sum of $250,000 in cash has just been despatched to Palestine, which is to be used to re-establish the credit of the American Zion Commonwealth. The title to all the lands purchased by the Commonwealth is now secure as a result of this remittance, which has been placed in the hands of the Palestine Zionist Executive to be used in such a manner as to assure the speedy issuing of deeds to all American purchasers.

According to Mr. Lipsky’s statement “conclusive title to the five thousand dunams of Herzlia land now being assured, the Afule mortgage liabilities having been paid, and the Haifa Bay holdings having been disposed of to Jewish purchasers, it is only a matter of administrative procedure that stands in the way of the actual delivery of deeds to the American purchasers.

“The remittance of the $250,000 applied in payment of the liabilities and mortgages of the American Zion Commonwealth will have the immediate effect of restoring its financial credit both in Palestine and in America. The definite assurance of deeds for the American purchasers will remove a burden of responsibility from the shoulders of the American Zionist Organization, which assumed the burden as a moral obligation which it was called upon to assume for the protection of the larger interests of the Zionist movement.

“The thanks of the Zionist Organization of America are due to Mr. Bernard Marcus, President of the Bank of the United States, to Mr. Morris Weinberg, vice-president of the Municipal Bank of Brooklyn, and to the following who have given their generous cooperation: